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I've never heard of olive oil going moldy but depending on the storage conditions it could be off, sunlight and air are the main culprits for spoilage. I keep a small dispenser near my cooktop for daily use but my vat from Cosco is in the back of the pantry, cool and dark.
If it passes the taste test you could filter it. Or better yet pour it in a fancy bottle, add some thyme or rosemary and give it to someone as a Christmas present!
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